Tampa Foreclosure Listings

Tampa - Florida

Florida tops the list among the worst hit foreclosure states in the country. It is not surprising that Tampa foreclosure listings runs into thousands. Tampa City, in Hillsborough County, Florida is badly affected despite its legendary fame as a paradise hugging the ocean in the west of Florida. The census refers to this region as Tamps-St. Petersburg-Clearwater MSA.

The census figures shows that there has been a sharp growth of population – 2.47%. Per year population numbers went up by 97,000. But with the increase in Tampa foreclosure listings people have started moving away for greener pastures.

The prosperity that attracted people brought about the housing boom. This was followed by the bust and staggering number of Tampa foreclosure listings. Since 2006 foreclosures in Tampa have been increasing. The pace has not stopped and there has been 212% spike since then to the 3rd quarter of 2007 counting to 29,238 Tampa foreclosure listings.

This rise in Tampa foreclosure listings created multifaceted problems that have made the administration at all levels, from the federal government to the local ones to take measures. As a result Tampa foreclosure listings numbers have gone down by 11% during the first three months of 2009 in comparison to the last quarter of 2008 as per the findings of RealtyTrac. It has been a 40% fall from the numbers noted during the first quarter of 2008. The number of Tampa foreclosure listings shows a foreclosure rate of 1:80. In the first quarter of this year there were 16,464 Tampa foreclosure listings.

But experts are not too optimistic about the reduction in number of Tampa foreclosure listings because most probably this has been because of the artificial moratoriums imposed by the government and the lenders.

There are other pundits who think otherwise. Foreclosures were put on hold during the winter holiday season and this was further extended by jumbo lenders like Fannie Mae and Freddie Mac and others. These lenders were waiting to see what measures the new Obama government would be taking to tackle the housing problem. Now that they know the details they have resumed foreclosing mainly on those absentee landlords who do not qualify for the loan refinancing and modification assistance. Thus a sifting process has been started that should clear the foreclosure surplus by the end of this year.

But some experts say that the crisis will continue into 2010 because the figures listed are incorrect as banks are holding back information afraid of prices to fall further.

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